LightStream Personal Loans 2021 Review – Forbes Advisor



Credit score requirements

To be eligible for a LightStream loan, applicants must have a minimum FICO credit score of at least 660. Additionally, a strong applicant will have several years of credit history, including several types of accounts: credit cards, auto loans and mortgage debt, for example. —As evidenced by their credit profile. While a good credit score may be enough to get approved, lower rates require great credit.

Unlike many other online lenders, LightStream does not have a prequalification process. Therefore, potential borrowers should submit a formal application and go through a credit check to find out if they qualify and, if so, at what rate.

Income requirements

To be approved, LightStream requires loan applicants to have a sufficiently stable and sufficient income to repay both current debts and a new LightStream loan. In addition to income requirements, LightStream assesses applicants based on their cash flow, real estate down payments, retirement savings, and revolving credit card debt. Keep in mind, however, that LightStream does not factor in revenue from the marijuana industry.

Together with the purpose of the loan, these factors help determine an applicant’s debt-to-income ratio (DTI) and likelihood of approval.

Co-signers and co-applicants

LightStream does not allow co-signers, but potential borrowers can submit a joint application. Unlike some lenders, co-applicants do not need to live at the same address as the principal applicant.

Prospective borrowers should indicate at the start of the application process that they will be filing a joint application and provide details of both applicants in the online application. LightStream will then rate each applicant’s credit, income, and other details equally when evaluating the application.



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